Tax season is here and people are always trying to find maximum tax deductions. Here are a five tax deductions you can claim from having a home.
- Mortgage Interest: You can still deduct the interest from your home mortgage, but not as much as in the past. If you took out a mortgage on your home, after December 15, 2017, you can only deduct interest on the first $750,000 of your mortgage. On mortgages before the December 2017 date, you could deduct interest on the first $1,000,000 of your mortgage.
- Property Taxes: Yes, property taxes are deductible. However (you knew this was coming), it is not the full amount of your property taxes. You can only deduct up to a total of $10,000. This cap is with all of your property taxes combined, including your property taxes and state/local taxes.
- Energy Efficient Projects: Did you install solar panels on your home in 2022? You can deduct up to 30% of the costs of the equipment and installation.
- Having a Home Office: If the home office is your only office, you can deduct $5 for every square foot of office space. If you are simply working from home, but have another physical office (at another location), you cannot take these deductions.
- Mortgage Points: The amount of mortgage points you paid can be deducted. This does not count for the origination points, only the actual mortgage points.
Read the Original Article Here: Your Home Tax Deduction Checklist: Did You Get Them All?